The NZD/USD pair is moving sideways since last week. Thus, according to prior events, the price of NZD/USD pair has still been moving between the ratio of 76.8% Fibonacci retracement levels at the level of 0.8570 and 38.2% Fibonacci retracement at the 0.8503 level. Furthermore, the price opened below the ratio of 76.8% Fibonacci retracement levels (0.8570). Also, it should be noted that the resistance is set at the 0.8570 level on March 25, 2014. Therefore, it will be a good sign to sell below the level of 0.8570 with the first target of 0.8540 and resume to 0.8510, but it should be noted the double bottom is going to set at the price of 0.8501. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.8501, the market will lead to further decline to 0.8445 today or tomorrow in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.8445.
Moreover, the EMA50 (red color) has to cross over the EAM50 (green color), it would be strong confirmation for the bullish market in the long term.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
The NZD/USD pair is moving sideways since last week. Thus, according to prior events, the price of NZD/USD pair has still been moving between the ratio of 76.8% Fibonacci retracement levels at the level of 0.8570 and 38.2% Fibonacci retracement at the 0.8503 level. Furthermore, the price opened below the ratio of 76.8% Fibonacci retracement levels (0.8570). Also, it should be noted that the resistance is set at the 0.8570 level on March 25, 2014. Therefore, it will be a good sign to sell below the level of 0.8570 with the first target of 0.8540 and resume to 0.8510, but it should be noted the double bottom is going to set at the price of 0.8501. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.8501, the market will lead to further decline to 0.8445 today or tomorrow in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.8445.
Moreover, the EMA50 (red color) has to cross over the EAM50 (green color), it would be strong confirmation for the bullish market in the long term.
The material has been provided by InstaForex Company – www.instaforex.com
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